| CATEGORY: SMALL CAPS NEWS SECTOR: SUPPORT SERVICES |
Hogg Robinson underlying profit down |
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Tue 20 Nov 2007
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LONDON (SHARECAST) - Travel group Hogg Robinson said underlying profit fell for the half-year, due to restructuring costs and last year’s figures being helped by World Cup 2006.
EBITA, for the six months to September 2007, fell 12.6% to £13.2m from the same period last year. Net finance costs decreased by £10.9m compared with last time due to a change in capital structure following the IPO in October 2007.
As a result, pre-tax profit for the period rose to £4.93m versus £325,000 profit last year on revenue that rose to £154.4m from £149.2m before.
“We have seen recently in some countries signs of softening in demand relating particularly to SME and Events,” said the group.
“These form a minority of our overall business and we have, where appropriate, taken action to mitigate any effect on the group. So far these market developments have not had any material effect on our performance,” it added.
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